Standard & Poor's downgraded to AA-minus from AA about $170 million of revenue bonds issued by the Dormitory Authority of the State of New York for Vassar College. "The downgrade reflects our view of continued pressure on Vassar's credit profile from the unsustainable and increasing supplemental endowment draw levels coupled with several years of full-accrual operating deficits and plans for additional debt within the next 12 months," said credit analyst Charlene Butterfield. Standard & Poor's assigned a stable outlook based on a view that Vassar will maintain strong student demand, exceptional selectivity and retention rates, and health financial resources. Vassar is a private, liberal arts college located in Poughkeepsie, N.Y.

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